Warner Music Group (NASDAQ:WMG) Shares Gap Up to $26.98

Warner Music Group Corp. (NASDAQ:WMGGet Rating)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $26.98, but opened at $28.40. Warner Music Group shares last traded at $31.00, with a volume of 21,114 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on WMG. Bank of America raised Warner Music Group from an “underperform” rating to a “neutral” rating and set a $33.00 price objective on the stock in a research report on Wednesday. Guggenheim cut their price objective on Warner Music Group to $30.00 in a research report on Thursday, October 20th. Morgan Stanley dropped their price target on Warner Music Group from $34.00 to $31.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 11th. Barclays boosted their price target on Warner Music Group from $30.00 to $35.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Credit Suisse Group dropped their price target on Warner Music Group from $43.00 to $36.00 and set an “outperform” rating on the stock in a research report on Wednesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $36.42.

Warner Music Group Stock Performance

The company has a market capitalization of $16.57 billion, a PE ratio of 38.78, a price-to-earnings-growth ratio of 1.23 and a beta of 1.55. The business’s fifty day moving average is $25.60 and its two-hundred day moving average is $27.02. The company has a current ratio of 0.61, a quick ratio of 0.58 and a debt-to-equity ratio of 22.01.

Warner Music Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Tuesday, November 22nd will be issued a $0.16 dividend. The ex-dividend date of this dividend is Monday, November 21st. This represents a $0.64 dividend on an annualized basis and a yield of 1.99%. Warner Music Group’s payout ratio is currently 77.11%.

Institutional Investors Weigh In On Warner Music Group

Hedge funds have recently added to or reduced their stakes in the stock. Clear Street Markets LLC purchased a new stake in Warner Music Group during the 2nd quarter valued at $49,000. MBM Wealth Consultants LLC purchased a new stake in Warner Music Group during the 1st quarter valued at $57,000. Barclays PLC raised its stake in Warner Music Group by 29.6% during the 3rd quarter. Barclays PLC now owns 5,779 shares of the company’s stock valued at $134,000 after buying an additional 1,320 shares during the last quarter. Exchange Traded Concepts LLC increased its stake in shares of Warner Music Group by 17.6% in the 2nd quarter. Exchange Traded Concepts LLC now owns 5,889 shares of the company’s stock worth $143,000 after purchasing an additional 882 shares in the last quarter. Finally, Stephens Inc. AR increased its stake in shares of Warner Music Group by 6.3% in the 2nd quarter. Stephens Inc. AR now owns 7,330 shares of the company’s stock worth $179,000 after purchasing an additional 437 shares in the last quarter. 22.44% of the stock is currently owned by hedge funds and other institutional investors.

Warner Music Group Company Profile

(Get Rating)

Warner Music Group Corp. operates as a music entertainment company in the United States, the United Kingdom, Germany, and internationally. The company operates through Recorded Music and Music Publishing segments. The Recorded Music segment is involved in the discovery and development of recording artists, as well as related marketing, promotion, distribution, sale, and licensing of music created by such recording artists; markets its music catalog through compilations and reissuances of previously released music and video titles, as well as previously unreleased materials; and conducts its operation primarily through a collection of record labels, such as Warner Records and Atlantic Records, as well as Asylum, Big Beat, Canvasback, East West, Erato, FFRR, Fueled by Ramen, Nonesuch, Parlophone, Reprise, Roadrunner, Sire, Spinnin' Records, Warner Classics, and Warner Music Nashville.

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